SBP Solar Financing Program

State Bank of Pakistan has started the Green Banking system to fuse ecological considerations in banking tasks, administrations, and financing. The State Bank of Pakistan has initiated solar financing to urge individuals having a place with the industrial, business, domestic, and rural area to put resources into sustainable power sources. Under this program, SBP has given reexamined models for SBP sustainable power source financing in Pakistan in 2016.

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Sun oriented Financing Pakistan

Pakistan has been confronting energy emergencies just as natural pollution with the utilization of nonrenewable assets. The cost of power is expanding quickly, and monetary development is declining. To counter these issues, SBP began the solar financing in Pakistan so businesses, and residential owners can put resources into a sustainable power source with the assistance of speculation from banks. This program will allow more individuals to utilize sustainable power sources, which will help in accomplishing a free and continuous availability of power. The surplus energy which is created will be accessible to others through net metering so it will affect the entire country.

Qualification Criteria

The qualification standards to meet all requirements for this program have been kept straightforward and simple to adapt to the first target of the program that is to urge more individuals to utilize sustainable power sources by making it reasonable. The qualification standards contain just these two prerequisites:

·        Must hold a Computerized National Identity Card (CNIC)

·        Must be the proprietor of the business, and the house where the solar panel framework is to be introduced

Mark-up

The markup rate has been set prudent to ensure more individuals can manage the cost of it, and become a part of this activity. The markup rate has been chosen 3+3=6 per annum by the SBP. The 3% can additionally be arranged relying on your relationship with your bank.

The Best Options

Many banks in Pakistan are providing solar financing under the State bank of Pakistan’s renewable energy refinancing program. We are listing the top 5 most actively participating banks which are a good option to consider for solar financing.

JS BANK

JS bank is a renowned bank and is an advocate of Green Energy. When SBP launched the solar financing scheme, JS bank stepped in to help people use the opportunity to get control over their bills and contribute to national growth. For this purpose, JS launched two financing programs based upon the end-users. These programs are:

·        JS Apna Ghar Solar Financing Program (for residential purposes)

·        JS Smart Roshni Program (for commercial purposes)

Common Features of The Programs

Both of the programs launched by JS Bank have some common features which are as follows:

Financing

Between Rs. 300,000 and Rs. 20 million, depending on the multiple number and sizes of the solar panels being purchased

Equity

Minimum 25% of the financing amount

Mark-up rate

Only 6% per annum

Financing tenor

Between 3 and 5 years, with repayment in monthly installments

Processing fee

Minimum PKR 5,000/- or 0.5% of the loan amount (whichever is higher)

Insurance

Offered through reputable insurance partners at a preferential rate

Prerequisites To Get Financing:

·        An account at JS Bank (Current or Savings)

·        Fill & sign loan Financing application form

·        Obtain quotation of solar panels system from authorized energy partner of the Bank

·        Two recent passport size photographs

·        Copy of CNIC

·        CF-1 Undertaking Form to be fulfilled

·        JS Solar Panel Program Key Fact Sheet

·        Property Ownership document along with the latest utility Bill & Electricity Bill

·        Bank statements of business or personal account

·        Contact information of the Applicant & Co-borrowers

·        Active tax payee with NTN number

·        Any other requirement of the Bank

BANK of Punjab

The Bank of Punjab also supports the SBP’s initiative for a better future through renewable energy financing. For this purpose, they have started to give financial assistance to people who want to get solar panel systems for their homes. They have named the program “BOP SOLAR HOME”.

Features of the Program

 Financing

Up to Rs. 5 million.

Equity

Minimum 20% of the financing amount

Mark-up rate

Only 6% per annum

Financing tenor

Up to 7 years

Processing fee

PKR 5,000

Insurance

Offered through reputable insurance partners at a preferential rate

Prerequisites to Get Financing:

·        Fill & sign loan Financing application form

·        Two recent passport size photographs

·        Copy of CNIC

·        Property Ownership document along with the latest utility Bill & Electricity Bill

·        Bank statements of business or personal account

·        Active tax payee with NTN number

·        Proof of employment or business for the last 03 years

·        Copy of professional degree

·        Details of any other loans from all sources

BANK of Khyber

The bank of Khyber started its solar financing program from Peshawar and after its successful results, they have launched the program all across Pakistan under the name “BOK Roshan Ghar Scheme”. BOK provides solar financing for residential customers and is playing their role for a cleaner greener Pakistan under SBP’s solar financing scheme.

Features of The Program

Financing

From 50,000 to 20 million based on the category of the program, you fall in.

Equity

Minimum 25% of the financing amount

Mark-up rate

Only 6% per annum

Financing tenor

From 6 months to 5 years

Processing fee

PKR 5,000 plus FED

Insurance

Insurance from Askari General Insurance Peshawar (0.3%+taxes).

Prerequisites to Get Financing:

·        Fill & sign loan Financing application form

·        Two recent passport size photographs

·        Copy of CNIC

·        Property Ownership document along with the latest utility Bill & Electricity Bill

·        Bank statements of business or personal account

·        Active tax payer with NTN number

·        Proof of employment or business for the last 03 years

·        Copy of professional degree

·        Details of any other loans from all sources

Habib Bank Limited

HBL is the biggest bank of Pakistan and is providing solar financing to address the increasing energy crises in Pakistan. They are providing solar financing to mostly industrial clients and have made three categories of solar financing. These categories are:

·        Category-I: For projects with a capacity ranging from more than 1MW to 50MW.

·        Category-II: For projects/solutions for the generation of electricity up to 1MW.

·        Category-III: Suppliers certified under AEDB Certification Regulation 2018 for installation of wind and solar systems on a lease basis or selling of electricity to ultimate owners.

Features of the Program

Financing

·        Category-I: PKR 06 billion for a single project.

·        Category-II: PKR 400 million for a single borrower.

·        Category-III: PKR 01 billion for a single supplier.

Equity

Minimum 25% of the financing amount

Mark-up rate

Only 6% per annum

Financing tenor

·        Category-I: Maximum 12 years (including 02 years grace period).

·        Category-II: Maximum 10 years (including 03 months grace period).

·        Category-III: Maximum 10 years.

Prerequisites to Get Financing:

·        Fill & sign loan Financing application form

·        Two recent passport size photographs

·        Copy of CNIC

·        Property Ownership document along with the latest utility Bill & Electricity Bill

·        Bank statements of business or personal account

·        Active tax payer with NTN number

·        Proof of employment or business for the last 03 years

·        Copy of professional degree

·        Details of any other loans from all sources

Don’t know what to do next?

Choosing the right bank for solar financing may get confusing and then applying and attainment of the loan may become even more troublesome. Premier Energy is here to take your worries off you. They provide Turnkey solar solutions which means that to obtain the loan without any hassle, all you have to do is pick up your phone and reach out to them. Discuss with them and choose which system you want. They handle the rest of the process including application fulfillment, submission, and installation of the system at your premises.

They have also completed many residential, commercial, industrial, and agricultural projects. Premier Energy is the biggest advocate of green energy and a clean environment. They are struggling to provide solar solutions so we all can pave the way for a brighter future where the environment is conserved, pollution is nonexistent, and Pakistan is independent in the production of electricity. This is a dream which we all see and it can only be achieved with collective efforts. Be a part of Premier’s energy revolution just like me and go solar today.